Brokerages Set Skye Bioscience, Inc. (NASDAQ:SKYE) PT at $9.80

Skye Bioscience, Inc. (NASDAQ:SKYE) has received a consensus recommendation of “Moderate Buy” from the eight ratings firms that are presently covering the company, Marketbeat Ratings reports. One investment analyst has rated the stock with a sell recommendation, two have assigned a hold recommendation, four have issued a buy recommendation and one has assigned a strong buy recommendation to the company. The average 12-month price target among brokers that have covered the stock in the last year is $9.80.

A number of research firms have recently weighed in on SKYE. Weiss Ratings reiterated a “sell (e+)” rating on shares of Skye Bioscience in a research note on Monday, December 29th. Citigroup reissued a “market outperform” rating on shares of Skye Bioscience in a report on Monday, January 5th.

Skye Bioscience Stock Up 3.4%

Shares of NASDAQ SKYE opened at $0.81 on Friday. Skye Bioscience has a 52 week low of $0.68 and a 52 week high of $5.75. The business’s 50 day moving average price is $0.91 and its 200 day moving average price is $1.97. The firm has a market cap of $25.87 million, a P/E ratio of -0.63 and a beta of 2.87.

Hedge Funds Weigh In On Skye Bioscience

Large investors have recently made changes to their positions in the company. Capital Advisors Inc. OK purchased a new stake in Skye Bioscience during the third quarter worth $39,000. Millington Financial Advisors LLC purchased a new stake in shares of Skye Bioscience during the 2nd quarter worth about $44,000. Y Intercept Hong Kong Ltd acquired a new stake in shares of Skye Bioscience during the 2nd quarter valued at about $42,000. Tower Research Capital LLC TRC raised its holdings in Skye Bioscience by 121.3% in the 2nd quarter. Tower Research Capital LLC TRC now owns 10,927 shares of the company’s stock worth $46,000 after purchasing an additional 5,989 shares during the period. Finally, Dimensional Fund Advisors LP purchased a new position in Skye Bioscience during the third quarter worth approximately $53,000. 21.09% of the stock is currently owned by institutional investors and hedge funds.

Skye Bioscience Company Profile

Skye Bioscience, Inc is a clinical-stage biotechnology company focused on the development of novel, selective cannabinoid type 1 (CB1) receptor modulators for the treatment of ocular diseases. Headquartered in Sunnyvale, California, Skye Bioscience leverages proprietary chemistry and formulation expertise to design and optimize compounds with high potency, tissue selectivity and favorable drug-like properties. The company’s lead product candidate is being evaluated for the treatment of glaucoma and other ophthalmic conditions characterized by elevated intraocular pressure.

Skye Bioscience’s pipeline centers on synthetic cannabinoids engineered to avoid central nervous system side effects commonly associated with traditional cannabinoid therapies.